According to the New York Times, “The Obama administration is considering further actions to strengthen the housing market, but the bar is high: plans must help a broad swath of homeowners, stimulate the economy and cost next to nothing…”
President Obama’s administration is weighing proposals to strengthen the housing market.
One proposal would allow millions of homeowners with government-backed mortgages to refinance them at today’s lower interest rates, about 4 percent, according to two people briefed on the administration’s discussions who asked not to be identified because they were not allowed to talk about the information… — New York Times
The recovery of the housing market is essential to the long-term stability of the country’s economy. But political shenanigans, toxic mortgage products, and the sheer inability and profit grabbing of our financial institutions have consistently impeded the needed balance required to get housing back on track.
With interest rates at historic lows, now is the time for the consumers/voters to demand innovation and execution in the real estate and mortgage markets.
A series of potential ideas are rockin’ and rollin’ across legislators’ desks, but is getting the job done right simply a mission impossible when it comes to the government???
Past programs have only allowed small numbers of homeowners to qualify, so even though the program may be a great idea, the execution has been a supreme failure.
Is the refinancing proposal the right solution? They have to do something, but is this too little too late? And what about those who are under water more than 25%?
I strongly believe they need to increase FHA loan limits in addition to taking steps to address the other issues facing housing.
Simply allowing SOME folks to refinance will NOT rectify the complex situation facing housing.
What do YOU think?
- Administration Floats Mass Mortgage Refinancing Scheme (news.firedoglake.com)
- Will Obama Refinance Your Mortgage? (dailyfinance.com)
- White House Weighs Mortgage Refinancing Programs (blogs.abcnews.com)
- Obama mulls massive homeowner refinancing plan (bizjournals.com)
- Possible Refinance Plans Unsettle Mortgage Bond Market (blogs.wsj.com)
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